Economic Overview

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

With a strategic location that makes the country a natural gateway into the landlocked region of Central Africa (including Chad, Central African Republic and northern Congo), Cameroon is undoubtedly an influential country in the economic and monetary community of the region. After the Covid-19 pandemic-lead recession in 2020, GDP growth rebounded, supported by the non-oil sector recovery and the general global economic recovery and reached 3.8% in 2022 (IMF). Economic growth is expected to accelerate to 4.6% in 2023 and 4.7% in 2024, but spillovers from Russia’s war in Ukraine present major risks (IMF). This performance will be driven by public investments in projects such as the hydroelectric dam of Lom-Pangar and Nachtigal and the port of Kribi.

After slowing down in 2020 due to the Covid-19 pandemic and security tensions in the region, Cameroon’s economy rebounded in 2021 and continued to recover in 2022. Restrictive budget policy prior to the pandemic, a modest recovery plan, emergency fund from the IMF and debt payment suspension contributed to the stability of public finances. Aiming to avoid premature fiscal tightening, the authorities continued to gradually reduce the budget deficit, from -2.4% GDP in 2021 to -2% GDP in 2022 (IMF). It is expected to decrease below 1% GDP in 2023 (IMF). Public debt increased to an estimated 46.8% GDP in 2022, but it is expected to reduce to 43.7% GDP in 2023 and 40.5% GDP in 2024 (IMF). According to the IMF’s updated figures, inflation peaked to 6% in 2022 (from 2.3% in 2021), and should remain at that level in 2023. This surge in prices is driven by imported inflation linked to food (fertilisers, cereals, livestock inputs) and refined hydrocarbons costs, as well as domestic supply pressures (Coface, IMF). According to Coface, inflation is expected to return within reach of the 3% convergence target in the monetary zone by 2024. In the context of the IMF’s Extended Credit Facility and Extended Fund Facility arrangements, Cameroonese authorities are focused on strengthening budgetary discipline, addressing fiscal risks from state-owned enterprises, and accelerating the implementation of structural reforms (IMF). The government announced a reduction in fuel subsidies, in an effort to create fiscal space for productive investment and social spending. Challenges include spillovers from Russia’s war in Ukraine, including inflationary pressures, supply chain disruptions, food security, and a tightening of global financial conditions (IMF).

Despite the rather satisfying economic performances of the country, poverty affects nearly 40% of the population, around 8 million people. The crisis Covid-19 increased the extreme poverty rate, which represents around a quarter of the population (World Bank). Because the poverty reduction rate is lagging behind the population growth rate, the overall number of poor in Cameroon increased, and poverty is increasingly concentrated in the North and Far North (World Bank). The latter regions are also hit by the attacks of the Islamist terrorist group Boko Haram and a secessionist insurgency in the Anglophone regions. More than 1 million Cameroonians have been internally displaced since December 2017, and the country also hosts more than 470,000 refugees, mainly from the Central African Republic and Nigeria (World Bank, UNHCR). In 2021, the unemployment rate in the country stood at 3.9% (World Bank, ILO estimate).

Foreign Trade

Cameroon is open to international trade. It is a member of the Commonwealth, the CEMAC (Central African Economic and Monetary Community), the Economic Community of Central African States (ECCAS), and has signed the African Continental Free Trade Agreement. The ratio of trade to GDP is around 37% (World Bank, 2021).

Its main export commodities are fuel (oil, gas), minerals (coal, aluminium), wood, cocoa, cotton, and rubber. Cameroon mainly imports mineral fuels and oil, food (rice, wheat, fish, etc.), medicines, and manufactured products (vehicles, machinery, electrical and electronic equipment). Cameroon’s main export partners are China, Italy, the Netherlands, France, Spain and India. Its main import suppliers are China, France, Nigeria, the Netherlands, Thailand, the United States and Togo. Cameroon signed a free trade agreement with the European Union in August 2016. For some years now, Eastern Asian countries (especially China, Japan, India, and Thailand) have been reinforcing their trade ties with Cameroon.

Cameroon's trade balance is structurally negative. According to WTO data, in 2021 Cameroon recorded a trade deficit of USD 2 billion. The same source reported that the country imported USD 6.1 billion worth of goods against USD 4.1 billion for exports. Service exports generated 1.55 billion USD while service imports amounted to 2.24 billion USD in 2020 (WTO, latest available data). In 2021 imports of goods and services increased by 13.8% compared to 2020, much faster than exports (3.4%) (World Bank).

COVID-19 Country Response

COVID-19 epidemic evolution

To find out about the latest status of the COVID19 pandemic evolution and the most up-to-date statistics on the COVID19 disease in Cameroon, please visit the Ministry of Health's Epidémie de Coronavirus (COVID - 19) webpage and the Johns Hopkins Coronavirus Resource Center map.

For the international outlook you can consult the latest situation reports published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on confirmed cases and deaths by country.

Sanitary measures

To find out about the latest public health situation in Cameroon and the current sanitary measures in vigour, please consult the Prime Minister’s Government Response to the Coronavirus Pandemic (Google Translate version)

Travel restrictions

The COVID-19 situation, including the spread of new variants, evolves rapidly and differs from country to country. All travelers need to pay close attention to the conditions at their destination before traveling. Regularly updated information for all countries with regards to Covid-19 related travel restrictions in place including entry regulations, flight bans, test requirements and quarantine is available on TravelDoc Infopage.
It is also highly recommended to consult COVID-19 Travel Regulations Map provided and updated on the daily basis by IATA.
The US government website of Centers of Disease Control and Prevention provides COVID-19 Travel Recommendations by Destination.
The UK Foreign travel advice also provides travelling abroad advice for all countries, including the latest information on coronavirus, safety and security, entry requirements and travel warnings.

Import & export restrictions

For  information on all the measures applicable to movement of goods during the period of sanitary emergency due to the COVID-19 outbreak (including eventual restrictions on imports and exports, if applicable), refer to Measures to Facilitate Foreign Trade Operations following the COVID health crisis - 19  (French only)

For a general overview of trade restrictions due to COVID-19 pandemic, please consult the section dedicated to Cameroon on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.

Economic recovery plan

There is no economic recovery scheme annouced on the Cameroonian government websites to address the impact of the COVID-19 pandemic on the economy. For future possible up-to-date information please visit the website of the Ministry of Economy, Planning and Regional Development. The African Delveopment Bank has proposed a $10 billion Response Facility to curb COVID-19 in Africa. KPMG Afrique Centrale outlines most Cameroonian government actions in the document KPMG AC - COVID-19 News (French only). 

For the general overview of the key economic policy responses to the COVID-19 outbreak (fiscal, monetary and macroeconomic) taken by the Cameroonian government to limit the socio-economic impact of the COVID-19 pandemic, please consult the section deted to Cameroon in the IMF’s Policy Tracker platform.

Support plan for businesses

There are no specific support plans for businesses in Cameroon so far. For future possible up-to-date information please visit the website of the Ministry of Economy, Planning and Regional Development.

For a general overview of international SME support policy responses to the COVID-19 outbreak refer to the World Bank's Map of SME-Support Measures in Response to COVID-19.

Support plan for exporters

There are no specific support plans for exporters in Cameroon so far. For future possible up-to-date information please visit the website of the Ministry of Economy, Planning and Regional Development.